At a time when there was a general feeling that meme coin has come to stay and is considered a good alternative to the other coins in the world of cryptocurrency trading, Brad Garlinghouse, the CEO of the renowned fintech company, Ripples, has disclosed that he does not see the Dogecoin as beneficial to the development of cryptocurrency.
The Ripple CEO was reported to have voiced his concern at a Fintech event held in Abu Dhabi as reported by CNBC. The CEO was said to have aired his view about Dogecoin’s benefits to the crypto industry and that the token is not reliable because it is dynamic and designed to handle inflation which would be of help to cryptocurrency.
DOGE’s Journey So Far
Dogecoin was first created as a joke in 2013 at a time when the cryptocurrency community was known to be more concerned about taking part in philanthropic activities and assisting charities and other organizations. Dogecoins valuation climbed up to $25,000 which allows the bobsleigh group based in Jamaica to be at the Winter Olympics held in Sochi, Russia. In the same year, Dogecoin experienced a huge increase in the price of its token up to 10,000%.
Searches on Google revealed that $DOGE has been searched on average of 135,000 times a month in April 2020 which increased to 16.5M in April 2021. At present, DOGE is among the top 10 biggest assets in the digital space taking into consideration its market cap which stood at $30b.
The CEO has also revealed that creating the token was entirely a joke in the first place but it gained popularity from a few high-profile personalities like Elon Musk. The token has no strict limit to its supply. Following its launch in 2013, the supply cap was in the region of 100B coins, and subsequently, from 2015, its direction turned toward an uncapped supply with rewards per block restricted to only 10,000 tokens to control inflation.
After a Twitter account with the alias, WSB Chairman asked if Dogecoin has traded by $1 at any time, the price of the token surged upward with some holders using the opportunity to benefit from the WallStreetBets’ hedge funds to try their luck on the Gamestop’s shares value.
The recent success enjoyed by DOGE was due to the numerous tweets carried out by the CEO of Tesla, Elon Musk, who is known to be an avid backer of the meme digital coin and even playing a part in its continued success. He has consistently supported Dogecoin and even invested in it together with Bitcoin. But he is attracted to Dogecoin more than other cryptocurrencies; he viewed Dogecoin as the best to transact with.
At the roundtable fintech discussion, the CEO of Ripple made mention of the fact that the growing inflation of the Dogecoin inflation has raised a willing crypto involvement and has brought more attention to the advancement and continued development of Bitcoin.